Rayonier Signs Agreement to Acquire 250,000 Acres
16 Setembro 2011 - 1:00PM
Business Wire
Rayonier (NYSE: RYN) today announced it has signed an agreement
to acquire approximately 250,000 acres of timberlands from Joshua
Timberlands LLC and Oklahoma Timber, LLC for $330 million. The
acquisition, which is expected to close in the fourth quarter of
this year, will initially be funded using cash, Rayonier’s
revolving credit facility and the assumption of existing debt of
the sellers. Closing is subject to customary timberland transaction
conditions.
“The quality and location of these timberlands make them an
excellent strategic fit for Rayonier,” said Lee M. Thomas, chairman
and chief executive officer. “This transaction is a major step
forward in our strategy to grow and diversify Rayonier’s timberland
ownership while allowing for further expansion of our rural land
sales program.”
The timberlands are located in Mississippi, Louisiana, Oklahoma
and Alabama. Upon completion of the acquisition, Rayonier will own,
lease or manage approximately 2.7 million acres in ten states in
the U.S., and New Zealand.
About Rayonier
Rayonier is a leading international forest products company with
three core businesses: Forest Resources, Real Estate and
Performance Fibers. The company owns, leases or manages 2.5 million
acres of timber and land in the United States and New Zealand. The
company's holdings include approximately 200,000 acres with
residential and commercial development potential along the
Interstate 95 corridor between Savannah, Ga., and Daytona Beach,
Fla. Its Performance Fibers business is one of the world's leading
producers of high-value specialty cellulose fibers, which are used
in products such as filters, pharmaceuticals and LCD screens.
Approximately 45 percent of the company's sales are outside the
U.S. to customers in approximately 40 countries. Rayonier is
structured as a real estate investment trust. More information is
available at www.rayonier.com.
Certain statements in this document regarding anticipated
transactional and financial outcomes, including potential timing of
closing and sources of funding, are "forward-looking statements"
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are identified by
the use of words such as "may," "will," "should," "expect,"
"estimate," "believe," "anticipate" and other similar language.
Forward-looking statements are not guarantees of future outcomes of
performance and undue reliance should not be placed on these
statements.
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